[9255]
September 18, 1997
TO: INTERNATIONAL COMMITTEE No. 33-97
RE: UK PLAN TO REFORM FINANCIAL SERVICES REGULATORY SYSTEM
______________________________________________________________________________
Attached for your information is a copy of a report describing a plan to reform the UK
financial services regulatory system. The report was delivered to the UK Chancellor of the
Exchequer on July 31, 1997.
The report sets out the general approach that will be taken in the UK over the next two
years to create a new single statutory financial regulator. Under the plan the financial services
self-regulatory organizations will be merged with the Securities and Investments Board (SIB)
into a new regulator. The new regulator will be responsible for authorization, supervision, and
policy formation.
Also attached is a list of appointments to the SIB.
We will keep you informed of developments.
Mary S. Podesta
Associate Counsel-International
Attachment (in .pdf format)